From the following particulars, prepare the stores ledger account under the FIFO method of pricing issues:
|
1992 |
||
|
1 January |
Opening balance |
50 units at Rs 30 per unit |
|
5 |
Issued |
20 units |
|
7 |
Purchased |
48 units at Rs 40 per unit |
|
9 |
Issued |
20 units |
|
19 |
Purchased |
36 units at Rs 35 per unit |
|
24 |
Received back |
10 units out of the units issued on 9 January |
|
27 |
Issued |
15 units |
Hint: Returned material of 10 units is shown like a fresh receipt at the original issue price of Rs 30.